CONSTRUCTION ESTIMATING NEWS (update by every month)

State revenues above estimates

AUGUSTA -- After three-quarters of the budget year, revenues are $35 million above estimates and Finance Commissioner Sawin Millett says his pessimism is fast being replaced with optimism that the state will end the budget year with a revenue surplus.

"March was a good month, up $13.5 million over estimates," said Millett.

"It was driven by corporate taxes above estimates, and sales taxes coming in above estimates."

He said the revenue reports this month are confusing because the $13.7 million in revenue that was misplaced in a holding account in January is added into the figures for March. He said the $13.5 million figure is the revenues over estimate for March with the cash from January set aside.

"That is why you see the big increase in the year-to-date figure from February to March and the revenue surplus at $35 million," he said. Millett said he is optimistic about revenues over the last three months of the budget year after the January mistake revenues were properly assigned by revenue category. He said there is now a clear pattern of increased sales, income and corporate income taxes that started last fall.

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